SMEs urged to become ‘Digital Winners’
Small businesses are being encouraged to embrace new digital transformational trends to meet future opportunities, according to a new report.
The Leaders 2020 report found that across Europe two out of five companies in Germany are capitalising on the digital economy, compared to just 1 in 100 in the UK.
Globally, around 16% of organisations are described as ‘Digital Winners’ by the report after sustaining top financial performance for revenue and profitability.
The report, conducted by Oxford Economics and supported by SAP SuccessFactors, found that Digital Winners were more likely to promote diversity; have ‘Millennial’ executives; to engage and develop staff; and leverage new digital technologies to improve decision making.
Research found that Digital Winners were:
- 38% more likely to post healthy financial growth
- Have mature strategies for hiring skilled talent
- Be more productive
- Achieve significantly higher levels of employee engagement
- Are better equipped for successive planning
- Adopt forward-thinking from Millennial executives
“The digitalisation of our world has brought about massive changes to the workforce and workplace, and businesses need to rapidly transform to keep up,” said Mike Ettling, President of SAP SuccessFactors.
He added that many executives both in Europe and the rest of the world were not prepared to lead their companies in the digital age.
“There’s a substantial opportunity for leaders across Europe and beyond to embrace the notion of becoming more digitally minded and digitally connected,” said Mike.
“As leaders, we must create an environment where people thrive by enabling them to make data-driven decisions quickly, reducing complexity and bureaucracy, and embracing diversity and inclusion.
“Digital is not just about adopting technology — it’s about creating a culture of innovation, where exponential outcomes are not just possible but demanded.”
In Europe, only Germany (41%) and Spain (22%) were above the global average for having digital leadership. France (15%) was only slightly below the worldwide average, however Russia (3%) and the UK (1%) lagged worryingly behind.
Click here to download a copy of the report. Want to find out how your business can become a Digital Winner with Milner Browne? Get in touch with us today.
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